Charles T. Terry
Professor
Email: cterry4@illinois.edu
B.A. Stanford University
J.D. Southwestern University School of Law
LL.M. New York UniversityProfessor Terry received his B.A. degree from Stanford in 1967, his J.D. degree from Southwestern University School of Law in 1981, and his LL.M. (Taxation) degree from New York University School of Law in 1982. Prior to receiving his J.D. degree, he was a medical student, a political advertising writer and producer in Los Angeles, and a partner in a public accounting and tax consulting firm. He is a member of the California Bar Association, and the Tax Section of the American Bar Association.
Before joining the faculty in 1990, Professor Terry taught at the Graduate Tax Programs of New York University School of Law (1982-1984), and Southern Methodist University Dedman School of Law (1984-1990). In addition to his teaching, Professor Terry has served as the College's Associate Dean, and on the Division of Intercollegiate Athletics Advisory Board.
He has published numerous articles combining taxation, finance, and economics, and has lectured in the United States and Taiwan. His articles in this vein include, Indexed Capital Assets and Tax Arbitrage: A Preliminary Tax Accounting Policy Analysis, 45 Tax Notes 617 (October 30, 1989); The Nonrecourse Time Value of Money is Presently At Risk in the Tax Court, 14 The Review of Taxation of Individuals 63 (1990); Leverage-Financed Tax Arbitrage: A Structural Tax Accounting Analysis, 7 The American Journal of Tax Policy 109 (1988); and Option Pricing Theory and the Economic Incentive Analysis of Nonrecourse Acquisition Liabilities, 12 The American Journal of Tax Policy 273-397 (1996). This year, he will offer a cross-listed seminar on Taxation and Finance, which will be open to both law students and Masters of Finance students. He is working on a proposal to LexisNexis to co-author a book on Taxation and Finance with Professor Linda Beale by Summer 2006.
He has also published extensively in the area of depreciation tax policy. His first major work in this area was Normative Cost Recovery Policy for a Realization-Based Income Tax, 5 Florida Tax Review 467 - 545 (2002). After a three-year forced hiatus from publishing due to illness, he recently published Capital Equipment Expensing: Incremental Tax Reform, 108 Tax Notes 151 (July 4, 2005), and Capital Equipment Expensing: Incremental Tax Reform for a Transition Realization-based Income Tax, (forthcoming, Florida Tax Review, September, 2005). Both of these articles are explanations and extensions of a proposal he submitted to the President’s Advisory Council on National Tax Reform on April 29, 2005.
His last area of major interest involves the taxation of unincorporated businesses. He regularly teaches Partnership Tax and Business Planning, and served for several years on the Illinois Secretary of State Business Corporation Act Advisory Committee. He helped design and draft the Illinois Limited Liability Act.. He also helped design and draft additional provisions to the Act, which resulted in the enactment of the Illinois Series LLC Act, effective on July 1, 2005. He is currently in the process of writing an article on the tax classification and treatment of Illinois Series LLCs for publication in 2006.
"An Initial Inquiry into the Federal Tax Classification of Series Limited Liability Companies"
Professor Charles Terry's article (co-authored with recent graduate Derek Samz) titled "An Initial Inquiry into the Tax Classification of Series Limited Liability Companies", Tax Notes, March 6, 2006, p. 1093, was used as a subject for study and discussion at the 2006 annual Multistate Tax Commission Conference in Topeka, Kansas, from August 13 – 17, 2006. It was studied by the Income and Franchise Tax Subcommittee.
Professor Terry was a member of the Illinois Secretary of State Business Acts Advisory Committee for many years, and served on a three-person subcommittee whose draft of the Illinois Series Limited Liability Act, was significantly refined and ultimately endorsed by the whole Committee. It was finally enacted in July, 2005.
Professor Terry's article was the first one to describe how the late 2005 Final Treasury Regulations could be applied to Series Limited Liability Companies, which have only been enacted, more or less, in ten states.
